Ministry transforms insurance savings to Egyptian pound

GMT
19:15 2015
Sunday ,13
December

Egyptian pound

Cairo - MENA

The Social Solidarity Ministry decided to transform part of the deposits and saving schemes owned by the Social Insurance Fund for Government Employees from the US dollar to the Egyptian pound, Minister Ghada Wali said.

The move is meant to benefit from the high return on saving schemes in the Egyptian pound compared to the return on those saved in US dollars, Wali said.

The yield on US dollar savings does not exceed 1.5% monthly unlike Egyptian pound ones that could reach up to 15%, she said.